Billionaire Jhunjhunwala sells holding worth over Rs 300 cr in Q1

MUMBAI: Shares of drugmaker Lupin fell on Wednesday as investors cut positions, after the company disclosed that billionaire investor Rakesh Jhunjhunwala has hal-ved his stake in the company by selling shares worth more than Rs 300 crore in the first quarter.

As on June 30, Jhunjhunwala's stake in Lupin was down at 1.73%, or 77 lakh shares, from 3.22% or 1.43 crore shares at the end of March, the company said in a disclosure to the bourses. In the first quarter, the savvy investor cut his holding in Lupin by 66.6 lakh shares, or 1.49%, which is currently worth more than Rs 300 crore. The price at which the shares were sold could not be ascertained.

The stock fell 5% intra-day on the BSE, but later wiped some losses to end at Rs 461.20, down 3.7% from the previous close.